– Please see table below for each Fund’s estimated source of
distributions.

a

Quarterly paying distribution.

Under the terms of each Fund’s managed distribution policy, the Fund
seeks to maintain a consistent distribution level derived from the
income and capital gains generated from the Fund’s investment portfolio.
Shareholders should note that if the Fund’s aggregate net investment
income and net realized capital gains are less than the amount of the
distributions paid, the difference will be distributed from the Fund's
assets and may constitute a return of the shareholder’s capital. The
Board of Directors may modify, terminate or suspend the managed
distribution policy at any time. Any such modification, termination or
suspension could have an adverse effect on the market price of the
Fund’s shares.

The Fund’s distributions have been set based on the current level of
income generated from the Fund’s investment portfolio and accumulated
capital gains, if any. Based on the Fund's tax accounting records, which
also factors in currency fluctuations, each Fund’s estimated source of
cumulative fiscal year-to-date distributions is presented in the table
below:

Fund

FiscalYearEnd

Income

Short-TermCapitalGains

Long-TermCapitalGains

ReturnofCapital

SCD

Nov 30

35.52%

-

-

64.48%

a

BWG

Oct 31

69.40%

-

-

30.60%

b

EMD

Dec 31

86.04%

-

-

13.96%

b

a

Sources of cumulative fiscal year-to-date distributions are
estimated through June 30, 2018.

b

Sources of cumulative fiscal year-to-date distributions are
estimated through August 31, 2018.

The updated estimated components of the distributions announced today
will be provided to shareholders of record in a separate notice when the
distributions are paid.

This press release is not for tax reporting purposes but is being
provided to announce the amount of each Fund’s distributions that have
been declared by the Board of Directors. In early 2019, after definitive
information is available, each Fund will send shareholders a Form
1099-DIV, if applicable, specifying how the distributions paid by each
Fund during the prior calendar year should be characterized for purposes
of reporting the distributions on a shareholder’s tax return (e.g.,
ordinary income, long-term capital gain or return of capital).

For more information about the Funds, please call 1-888-777-0102 or
consult the Fund’s web site at www.lmcef.com.
Hard copies of the Funds’ complete audited financial statements are
available free of charge upon request.

Data and commentary provided in this press release are for informational
purposes only. Legg Mason and its affiliates do not engage in selling
shares of the Funds.

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